Market Updates

S&P 500 Daily Pre-Market Prep 2/2/16

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Opinion pretty much unchanged from yesterday. We settled just 5 ticks above Fridays settlement. I still see upside potential as long as we stay above 1900-1901 and I see 1929 above as a hurdle we need to get over and potential futures support if we do.

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Most trading has been below 29. We did spike above it but couldn't hold that overnight. So as we open, looking to see if we can get back there and make up what was lost overnight. The value area from last week remains untested.

 

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We have held yestedays low so far. I'll be watching for volume on any breaks. Patience is key today in my opinion. Yesterday was quite slow off the open and we didn't get much of an initial swings. I really need it above 1929 or below 1900 to give me a trade I can take with confidence. So until then, I'll be taking smaller scalps if the opportunity arises.

Weekly Numbers
Range 1851.25-> 1933
Value - 1877.25 -> 1900
S1 - 1885.50, R1 - 1954

Daily Numbers
Range 1912.50 -> 1940
Value 1915.50 -> 1931
Globex 1914.50 -> 1927.50

Today only 1901

Settlement - 1931.25

Long Term 2109.25, 2006, 1929.25, 1843, 1814, 1773.75

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Posted by Peter Davies on February 02, 2016
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